Current Affairs - Business - Discussion

The China National Petroleum Corporation (CNPC), the world's third-largest oil and gas firm, is likely to expand its stake in an Iranian gas field. CNPC has replaced Total, the French energy giant, in the South Pars, world's single largest natural gas field, Phase 11 project. In the project 2017, Total acquired a 50.1%, CNPC held a 30% stake and the rest was allocated to Iran's Petropars Ltd. Meantime, Washington, U.S. demanded both Total and CNPC to scrap their businesses from Iran. Following the U.S. framework, Total apparently withdrew from the project. The option lies with Chinese firm the to take over Total's stake if it left Iran. Chinese Foreign Ministry opposed to "unilateral sanctions" imposed by the U.S. against Iran and it is likely to expand its stake in an Iranian gas field.